May 2, 2023

Metaverse Industry in Japan Predicted to Go up around 42% in 2023

Japan Metaverse

Japan Metaverse

The metaverse industry in Japan is flourishing as it is expected to hike by about 42% this year, according to a new report.

According to a recent report by Research and Market, the world’s largest market research store, on the Japanese metaverse market and its future, the metaverse industry in Japan is predicted to increase by 41.1% on an annual basis to reach $13,343.2 million in 2023, a matter which shows the significant growth of the metaverse in the Asian country, Business Wire reported.

The report also anticipated that the Japanese metaverse industry would grow up steadily in the coming period to hit a CAGR of 36.5% during 2023-2030, according to PR Newswire. In addition, the spending value of the metaverse in Japan is predicted to increase from $9,456.7 million in 2022 to a record $57,397.5 million by 2030. 

It highlighted sectors in Japan in which the metaverse can play a role, including technology & telecommunications, retail industry, media & entertainment, financial services, manufacturing, training & education, real estate, travel and hospitality, and health & wellness. 

According to the report, the Japanese private sector is the only one who is interested in the metaverse, but government entities also. The government’s spending in the virtual space is anticipated to grow up in the short to medium term. 

The country is already creating a better atmosphere for the crypto industry after approving a whitepaper on introducing tax reforms to promote the industry.

Japan’s Liberal Democratic Party’s Web3 project team prepared a whitepaper in which they suggest ways to expand the Web3 industry in the country in line with Prime Minister Fumio Kishida’s national strategy, according to Cointelegraph.

Earlier in February, the Japanese companies of JCB Co., Ltd., Mizuho Financial Group, Inc., Sumitomo Mitsui Financial Group, Inc., Mitsubishi UFJ Financial Group, Inc., Resona Holdings, Inc., Sompo Japan Insurance Inc., Toppan Inc., Fujitsu Ltd., Mitsubishi Corporation and TBT Lab Inc agreed on the establishment of the Japan Metaverse Economic Zone.

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